Ex-Bear Stearns Managers To Settle SEC Suit For $1M

Law360, New York (February 13, 2012, 7:59 PM EST) -- Two former Bear Stearns Cos. Inc. hedge fund managers agreed Monday to pay more than $1 million in disgorgement and penalties to tentatively settle a U.S. Securities and Exchange Commission suit after escaping criminal charges alleging the pair lied about the investments of two funds they ran.

Ralph Cioffi and Matthew Tannin agreed to pay $1.05 million to settle the SEC's case years after being found not guilty in 2009 of criminal charges that the pair concealed the parlous condition of the mortgage-linked hedge funds from...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.